5 Crucial Steps to
Improve Cybersecurity &
Prevent Data Breaches

With some of the biggest businesses in our industry suffering major cybersecurity breaches, data protection and privacy need to be top of mind. Make sure your company is doing everything possible to prevent a cybersecurity incident and that you're prepared to survive one with minimal financial and reputational impacts if it happens.

While we all might feel distracted as we follow the COVID-19 pandemic, hackers are busier than ever. In fact, online scams have exploded, preying on people's fear and vulnerability, particularly as more and more companies adopt work-from-home setups.

Cybersecurity by the Numbers

Cybercrime is projected to cost businesses up to $2 trillion a year worldwide according to Forbes Magazine. What's more, a single data breach of a small business in the U.S. costs an average of $2.74 million, according to the 2019 Cost of Cybercrime Report by Ponemon Institute.

Is cybersecurity an issue
during the pandemic?

Cybersecurity isn't just an issue, it's a national crisis impacting all U.S. businesses, no matter their size or industry. In fact, cyber and data breach insurance provider 360 Coverage Pros has seen an over 300% increase in client cyberattacks and data breaches since the beginning of the COVID-19 outbreak. This is partly because cybercriminals like to strike targets when they least expect it or when they're at their weakest. The FBI recently identified all U.S.-based businesses as high-value targets for disruptions from COVID-19 which will "very likely create opportunities for criminal and national security threats."

The risks increase when so many companies are conducting the majority of their business online. One example: the rise of fake email campaigns that appear to come from reliable sources, such as a member's bank, the CDC (Centers for Disease Control and Prevention) or the SBA (Small Business Administration) regarding PPP loans. All it takes is opening one wrong email or attachment to be infected with malware or spyware, or to trigger a crypto locker which can hold all computer systems and data for ransom.

What are the specific challenges re: cybersecurity during COVID-19?

Have cyber security on your radar during COVID-19 pandemic

As businesses begin to reopen, the biggest challenge is to simply have this issue on your radar. Planning ahead and preparing can be critical to your survival. Beyond that, a serious challenge is going to be financial capital. Many businesses have seen a drop in revenue, making it hard to allocate money for cybersecurity. It's important to remember that cyber insurance is relatively inexpensive compared to the payout you could face after a data breach.

Get Help Immediately

360 Coverage Pros is proud to provide a 24/7/365 breach response hotline to clients that can be called when you need help ASAP. Time is precious when a cyberattack happens, so make sure your insurance provider can help you right away – not after it's too late.

Should ASI members be concerned? How can we protect our data?

The most important thing to do is acknowledge that you are at risk and to take basic steps to protect your data and your business. Remember, anyone could be the target of a cyberattack – no company is too large or too small. Sometimes cybercriminals intentionally target small companies that are clients of a large company as a way in, so no one can ever be too prepared.

While there is not one answer on the best way to protect data, there are simple steps you can take to improve your odds of surviving a data break. One recommendation is to have a cyber and data breach insurance plan in place, which will equip you with resources to respond quickly and contain the damage.